Foreclosure Rates Rage Throughout The Country—will The Settlement Actually Help?

By Author: michael ryson
Total Articles: 15
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Nearly 11 million Americans currently owe more than their homes are worth and need help with foreclosure, according to a report by Reuters.

Last week, a study showed that 84 percent of about 400 reviewed foreclosure cases in San Francisco were illegally processed. After this was uncovered, many more in-depth investigations began throughout the country.

“It is expected that the $25 billion settlement will include no admission of wrongdoing by the banks,” as reported in a Reuters article.

Although the settlement is in play, there are many uncertain factors. Many people are not sure what to do when they are in need of help with foreclosure.

There are many options.

The Mortgage Forensic Audit can be used as legal leverage in two different processes that can provide mortgage rescue for homeowners. The audit is a review of the loan documents for hundreds of civil law violations.

Since such a small percentage of homeowners actually receive loan modifications through their banks (only about 20 percent), a foreclosure lawyer can be very useful.

Another ...
... option is a Deed in Lieu of foreclosure and can sometimes be the best choice to save your home and not to mention save your credit.

Homeowners Can Now Seek Foreclosure Reviews Until July 31:

Tuesday, federal bank regulators announced that the deadline for borrowers to seek review of their foreclosures will be extended from April 30 to July 31 in hopes of encouraging greater participation, according to E. Scott Reckard, the LA Times.

There are certain guidelines that homeowners need to meet in order to qualify for the review.

“Borrowers are eligible if the property in question was their main home, was anywhere in the foreclosure process during 2009 or 2010, and was foreclosed on by one of 14 financial firms that settled a bank regulator investigation into their foreclosure practices last April,” reported Reckard.

All of the major firms involved have been required to hire outside consultants to carry out the reviews.

Between the 14 servicers, more than 4.3 million letters have been sent to eligible borrowers, said a spokesperson for the Office of the Comptroller of Currency.

A very small percentage of homeowners in need of help with foreclosure is expected to be eligible for the review. For everyone else there are foreclosure lawyers to investigate claims and save your home.

If you are behind on your mortgage payments, then The Foreclosure Law Center can help you. For more details about The Foreclosure Law Center Complaints, please visit us online.